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What is Market-Oriented Companies

Handbook of Research on Novel Soft Computing Intelligent Algorithms: Theory and Practical Applications
Are companies committed to understanding the expressed and latent needs of their customers and of the others players in the market better and before than competitors.
Published in Chapter:
Customer Relationship Management and Data Mining: A Classification Decision Tree to Predict Customer Purchasing Behavior in Global Market
Niccolò Gordini (University of Milan – Bicocca, Italy) and Valerio Veglio (University of Milan – Bicocca, Italy)
DOI: 10.4018/978-1-4666-4450-2.ch001
In the global market of today, Customer Relationship Management (CRM) plays a fundamental role in market-oriented companies to understand customer behaviors, achieve and maintain a long-term relationship with them, and maximize the customer value. Moreover, the digital revolution has made information easy and fairly inexpensive to capture. Thus, companies have stored a large amount of data about their current and potential customers. However, this data is often raw and meaningless. Within the CRM framework, Data Mining (DM) is a very popular tool for extracting useful information from this data and for predicting customer behaviors in order to make profitable marketing decisions. This research aims to demonstrate the classification decision tree as one of the main computational data mining models able to forecast accurate marketing performance within global organizations. Particular attention is paid to the identification of the best marketing activities to which firms should concentrate their future marketing investments. The criteria is based on the loss functions that confirm the accuracy of this model.
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